No light at the end of the tunnel for Terrell Owens – TMZ has learned, the former NFL star allegedly owes over a million bucks on a fancy Miami beach condo … and now, the bank wants to foreclose on it.

It’s one of the last homes Terrell still owns after being forced to sell off several others – most recently in Dallas – but Deutsche National Bank sued him in April, claiming he still owes $1.47 million on the property … and hasn’t made a payment in 6 months.

According to mortgage docs attached to the lawsuit, Terrell originally took out a loan worth $1.55 million in 2006 … and had faithfully been making monthly payments of $5,126 … that is, until last November.

Terrell has responded to the lawsuit, claiming the bank “lacks standing” to foreclose on the property — and he refuses to admit there’s an outstanding balance problem.